Wednesday, 4 February 2009

Trades 04/Feb/2009

AJG (gap down)A set up which I have been working on. First bar is bearish but some support as evident by long tail. However the subsequent price action is weak. We can't get into the top half of the OR. The $20 level is also acting as resistance. The 2nd and 3rd are consecutive inside bars. The 3rd is a NR3 which also rejects the $20 level. The entry is aggressive because it is earlier than normal and the ema distance is not ideal. However I was thinking the general market was looking overbought at this point and that was an addtional factor in my entry. My timing wasn't right and so some pain had to be endured while it chopped around sideways. But eventually it worked out. Took partial at 1R then the rest at end of day for $1 gain.

No other trades. I seem to be doing one per day at the moment. Last year when I reached the dizzy heights of 4 or 5 a day seems a distant memory.

4 comments:

rudy
said...

TR: When screening for gaps, how long does it take for your scan to run?

What works for me is pre-screening the entire universe of 5000 stocks and pre-selecting only about 1000 stocks that fit my specific criteria. Each morning, I then run my gap scan on the 1000 stocks, which usually takes 20-30 minutes.

In the past whenever I ran the scan for gaps on the entire universe of stocks, it can take hours, especially on huge gapper days. My guess is that the screener has to work overtime on eliminating the stocks I do not wish to trade.

Rudy.The IB scan is a page on their workstation. So once the market opens it starts filling up with gappers. It is constantly updating during the day. I dont know how it works behind the scenes as we can only specify price range and volume as the criteria.

The Tradestation scan takes a few minutes to scan whole of NYSE and Nasdaq. It is new so has some teething problems with it, hence I am still using IB scan as primary source.

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All views and information expressed on this blog represent my opinion and analysis, based on data available to me at the time of writing. The watch lists and chart setups are my own and are not in any way recommendations to buy or sell securities